Other than banks and financial institutions there are a number of funding programs available to Small Medium-sized Enterprises(SMEs) providing up to $500k small business loans with low or zero interests. Either you are at early stages of establishing your business or at final stages for commercializing your developed products you may qualify. Southern Ontario Fund for Investment in Innovation (SOFII) is one of business loan programs which is supported by FedDev Ontario. The program provides financial support for various business growth stages such as:
- Late stage commercialization;
- New product or service development;
- New applications or markets; or
- Development or implementation of new processes or technologies.
Eligibility criteria for small business loans are:
- Demonstrate job creation and employ more than 50 employees within the term of the loan
- Operate in Southern Ontario
- Be suitable for public funding
- Demonstrate the ability to operate the business and repay the small business loans
If you are an established small to medium size business with at least 5 employees that has been incorporated for at least 2 years and engaged in manufacturing and or R&D in Canada, KelidTM will assist you to identify eligible small business loans according to the status of your business and lead you to make the right decision. We invite you to join our monthly news letter and follow us on Twitter, Linked-in, Facebook, or Google+.